Srinagar, May 15: J&K Bank, the state owned premier financial institution reported a 129 % growth in net profit for the Financial Year 2018-19 at 465 Cr as compared to 202 Cr in the previous fiscal.
In the March quarter bank has reported a profit of 214.80 Cr as compared to 28.41 Cr in the corresponding quarter of FY 2018. Buoyed by strong retail credit growth, sale of partial stake in PNB MetLife and resolution of some large NPLs the total income of the bank rose to Rs 8487 crore in the FY 2018-19 as compared to Rs 7116 Cr a year ago.
The results for the FY 2018-19 and Q4 FY 18-19 were announced by the Bank today after Board of Directors of the Bank adopted the audited numbers of the Bank in its meeting held at Bank’s Corporate Headquarters Srinagar. The growth in J&K state credit has been reported at 23% over the last year and net interest income the difference between interest earned on loans and that paid on deposits grew by 42 % in the 4th quarter of the financial year 2018-19.The NIIM of the bank which is an indicator of profitability was calculated at 4.05 for the 4th quarter and on full year basis it improved to 3.84% as compared to 3.65% in the previous fiscal.
The Chairman & CEO J&K Bank while acknowledging the support and guidance of the Board of Directors in navigating the bank in challenging times attributed the turnaround & stellar growth in the top and bottom line of the bank to the unflinching trust of the promoters and customers of the Bank especially from the J&K state. He commended the management team, business heads & operative staff for robust credit growth, management of NPAs, NPA recovery, improvement in Compliance culture etc. despite a challenging environment.
“Our numbers are unfolding in line with our strategic business plan to direct the focus of our credit expansion in J&K state especially in retail & SME segments. We are continuously gaining market share in J&K besides improving the penetration of credit to hitherto credit starved geographies/segments especially in consumer and housing sectors. If you see our segmental numbers in retail, housing has grown by 79% from 3117 Cr to 5384 Cr, Consumer finance has grown exponentially from 195 Cr to 1978 Cr, Car loans have grown by 37 % from 2000 Cr to 2741 Cr resulting in aggregate retail credit growth of 33%. The Corporate to retail mix of our overall advances is now 43 Corporate to 57% retail as compared 53 Corporate to 47 Retail a couple of years ago.” announced the Chairman.
“The results also validate our medium term growth strategy which is fanning out as envisioned to achieve a total business of about 2.50 Lac Cr with a targeted profit of Rs 2000 Cr, NIIM ranging between 3.5-4%, ROA of 1.3%, ROE of 16% and credit cost below 1% at the end of FY 2022. We will carry forward the momentum of the robust business growth of previous fiscal to the current Financial Year and set the tone of exponential growth for strengthening the new paradigm of sustained profitability. I can say confidently that once our provisioning requirements due to ageing of NPAs are over may be in 3-4 quarters, the best in terms of bottom line is yet to come. “added Parvez Ahmed.
Outlining his vision to take the growth and business of the bank to the next level the Chairman informed about the roll out of new Zonal structure at the District level w.e.f. Q2 of the current financial year to dovetail the state governments budget/development plan with the business plan of the bank with a vision of socio economic development of the state. The Bank he added will be targeting to extend its outreach for facilitating the vast majority of rural population of the state including the bottom of the pyramid population, which is dependent on informal channels for their financial needs. This he said will further strengthen the Bank’s low cost CASA franchise, which at 50.7% is one of the best in the banking industry.
“As I have been saying earlier too, we see a lot of unmet demand and potential for increased lending in sectors of SME, Tourism Infrastructure, Agriculture & Allied, Infrastructure (Government Spending), Home Loan, Personal Finance to Govt. Employees, Horticulture, Gold Loans etc. which is validated by exponential growth in the past few quarters. Promoting the startups & new entrepreneurs also remains our priority area as we go deeper in the geographies in congruence with the policy support for startups at the state and central government level and we will act as an enabler for the bright youths of our state,” said Parvez Ahmed in the statement issued to the press.
The Bank’s total business as on the close of 31st March 2019 touched 1,61,864 Cr comprising of deposits of Rs 89638 Cr and gross advances of Rs 72226 Cr as compared to 1,42,466 Cr an year ago registering an increase of around 14%. The Bank reported a stable low cost of funds at 4.90% with a CASA contribution of 50.7%. The NPA coverage ratio has seen a minor dip on sequential basis to 64.30 % mainly because of downgrade of the IL&FS and its group companies. As a percentage of total loans, the Gross and Net NPA ratios of the bank improved to 8.97% and 4.89 % as compared to 9.96% and 4.90% a year ago. Notably the Bank recovered NPAs of Rs 2750 Cr during the year besides making provisions of over Rs. 1000 crore for bad & doubtful debts.
LS Polls 2019:Exit polls predict comfortable win for Modi-led NDA
New Delhi, May 19: Prime Minister Narendra Modi’s alliance government is likely to return to power after a mammoth general election that ended on Sunday, exit polls showed.
NDTV’s poll of polls said the NDA would get 302 seats, the Congress-led United Progressive Alliance (UPA) 127 seats and other parties (Others) 114 seats.
The Republic TV exit poll gave the NDA 305 seats, the Congress-led United Progressive Alliance (UPA) 124 and others 120. Times Now exit poll gave the BJP alliance 306 seats, the UPA 132 seats and Others 104.
News Nation gave the NDA between 282 to 290 seats, the UPA between 118 and 126 seats and Others 130 to 138 seats. Sudarshan News gave the NDA 313 seats, UPA 121 seats and Others 109+.
Analysts see the election as a referendum on Modi’s five-year rule. He has adopted a nationalist pitch in trying to win votes by projecting a tough stance against Pakistan, especially after a suicide bombing that killed more than 40 paramilitary soldiers in Pulwama in Jammu & Kashmir.
He has also spoken about a Rs 75,000-crore income support scheme for farmers, toilets built as part of the national cleanliness campaign Swachh Bharat Abhiyaan, rural electrification scheme Deen Dayal Upadhyaya Gram Jyoti Yojana and cooking gas scheme for the poor Ujjwala Yojana.
The Congress and other Opposition parties are challenging the BJP-led National Democratic Alliance (NDA) government over unemployment and farmers’ distress aggravated by low crop prices. Congress President Rahul Gandhi has also accused Modi of corruption in the purchase of Rafale fighter jets from France.
Voter turnout in the first six rounds was approximately 66 per cent, according to the Election Commission, compared with 66.40 per cent in the nine-phase Lok Sabha elections in 2014.
Voting has largely been peaceful but for sporadic violence in West Bengal, where the BJP is trying to wrest seats from Chief Minister Mamata Banarjee’s All India Trinamool Congress.
In a drastic and unprecedented action, the Election Commission curtailed campaigning by a day in West Bengal on Thursday, after days of clashes in the final stretch of the election.
Pre-election poll surveys by the media indicate that no party is likely to win anything close to a majority in the 543-seat Parliament. The BJP, which won a majority of 282 seats in 2014, may need some regional parties as allies to stay in power.
The BJP will need to do well in Uttar Pradesh, which has 80 Lok Sabha seats, the most in a state. The party had won 71 of them in 2014, but this time it has been challenged by a coalition between the Bahujan Samajwadi Party, the Samajwadi Party, and the Rashtriya Lok Dal.
The voting on Sunday covers 59 seats in eight states and Union Territories. It also includes Modi’s constituency of Varanasi, where he had won in 2014.
Votes cast in the seven phases of elections will be counted on May 23.
New dispensation in Delhi has to address Kashmir issue: Mirwaiz
Srinagar, May 19: Hurriyat (M) chairman Mirwaiz Umar Farooq on Sunday said that Hurriyat leadership was ready to support talks between India and Pakistan provided India accepted Kashmir as a dispute.
Speaking at a seminar organised by the Hurriyat Conference here, he said, “We are not against either the people of India or development. If India and Pakistan initiate a dialogue, we are ready to support it, but India must first accept the basic reality that there can be no military solution to the Kashmir dispute”.
He said the Hurriyat Conference was against India’s policies which were presently being implemented in Kashmir.
“It is unfortunate that New Delhi has choked all means of peaceful protest in the Valley. Even pro-freedom leaders are not allowed to meet the people. How can ideas come up if all spaces are choked,” he asked.
Mirwaiz further said that former Prime Minister Atal Bihari Vajpayee had realised that the only possible solution to the Kashmir dispute could be found through a dialogue process.
He also demanded that the Indian government should withdraw the bans imposed on different organisations in Kashmir.
Mirwaiz Umar Farooq, termed the present prevailing situation in Kashmir as sensitive and painful stating that there is no letup in the policies of repression and intimidations as killings, harassment and CASOs continue unabated even in this holy month of Ramadhan.
He said there were apprehensions whether the authorities would allow the seminar as last year, the then government had barred it and caged entire Hurriyat leadership. Mirwaiz said that the repressive measures are being taken to suppress the genuine voices of people of Kashmir.
Mirwaiz said that he was feeling the pain whenever any youth is martyred in government forces action or in encounters stating that that it was beyond doubt that the gun-wielding local boys were the products of the ongoing oppression and they are getting consumed in the ongoing unresolved conflict. He said emotions and repressions is driving the educated youth of Kashmir towards armed means of resistance as every scope for raising voices peacefully stand chocked.
Touted as game-changer, ambitious e-governance SWAN project yet to take off even after 13 years
Srinagar, May 19: Thirteen years on, the ambitious State Wide Area Network (SWAN) project is yet to see the light of the day in Jammu and Kashmir.
The 2005 Government of India project was aimed to synchronize all official departments of a given state through a dedicated internet connection in a closed used group. Thirteen years after the approval, the project is yet to be completed.
The government has now appointed a four member committee to conduct a thorough probe into the irregularities and lack of progress in implementation of SWAN project. Headed by Principal Secretary Transport Department, the four member committee includes Principal Secretary Industries and Commerce Department, and Secretary Higher Education. The fact finding panel have been asked to submit the report by June 6.
Project Manager, Jammu and Kashmir e-Governance Agency, Irfan Ahmad and Public Information Officer, Imran-ul-Sofi pleaded ignorance about the status of the project. Instead of divulging details, both officers asked to contact Financial Commissioner, Information Technology, Suresh Kumar.
Kumar however could not be contacted for the comments. Additional Secretary Information Technology Vaibhav Kohli passed the buck to project managers. “You ask project managers about the same,” he said.
Jammu and Kashmir e-Governance Agency (JaKeGA) functions under the Information Technology. As per the details available on its website, the SWAN project is a major core infrastructure project under National e-Governance Plan (NeGP).
The project, if implemented, was expected to provide connectivity to the two state headquarters (SHQ), 20 District Headquarters (DHQ), and 152 block headquarters (BHQ) with a minimum internet speed of 2 megabytes per second.
Further, the network would have connected all state and designated government offices located within a 15 kms radius of the SHQ, all state and other designated offices located within 10 kms of each DHQ), and all state and other designated offices located within five kms of each BHQ.
In 2009, the then government had prepared a Draft Proposal Report (DPR) for Rs 106.57 crores for implementing SWAN in the state and forwarded the same to Ministry of Information Technology Government of India. The tenders were floated four different times until March 2014 but all of them were cancelled since bids received for creating SWAN were apparently high.
SWAN would have substantially reduced the overall time taken in completing administrative tasks by providing converged communications services (voice, data and video) accessible to all government departments. “It would have reduced unnecessary movement of vehicles, employees and documents”, said an official.
Dead Body of 29 year old missing teacher recovered in Bandipora
Bandipora, May 20: Dead Body of a missing government teacher was recovered on Monday from Laharwapora gath near Wullar Lake...
Nocturnal clashes rock Budgam village
Budgam, May 20 : Nocturnal clashes erupted in Central Kashmir’s Daharmuna Budgam district after government forces raided the village in...